Should You Mortgage to Consolidate Your Debt? The Dos and Don'ts of it According to Expert Mortgage Advisor in Ireland
Getting into a debt trap is never the plan. But planning for Debt Consolidation is crucial lest it not become a bigger trap than the one you are already in. Mortgaging can be a safe and secured credit system to pay off existing debts and they are comparatively easier to get than unsecured loans. But as the idea of getting out of your existing debts welcomes the hopes of a breather, here are some key pointers and fact check to keep you faithful to your new commitment of repaying the Mortgage Loan. Mortgage for Debt Consolidation - What It Means And How It Works Consolidation means getting a big amount of loan to pay multiple outstanding loans. The amount of the Consolidation Loan would be greater than the combined amount of all your Outstanding Loans - credit card bill, outstanding electricity bill, insurance premiums, personal loans etc. If you own a house, then you can use the asset for mortgaging that could possibly arrange the massive amount needed to liquidate a